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Payment Asia launches AI-powered processing service

By Leandra Monteiro

July 14, 2023

  • Domestic Payments
  • e-KYC
  • ESG

Payment AsiaPayment Asia, a payment solutions provider, has announced the launch of the first AI-powered comprehensive processing service.

The new service includes automated merchant onboarding and assignment of merchant accounts, AI customer service, and an auto accounting system.

This marks the first time such a comprehensive suite of automated services has been made available in Hong Kong together with AI development, taking merchants’ sales to the next level.

“We are thrilled to be the first in Hong Kong to offer such a comprehensive suite of automated payment services,” said Paul Tang, COO of Payment Asia. “The use of AI can help multiply the efficiency of fintech companies. Our goal is to provide our customers with the best all-in-one experience. Adapting AI in our daily operation helps us to boost efficiency and turn our intentions for ESG into a workable reality.”

Internally, the company put an end to the paper submission of expense claims and accounting, using AI for automatic approval and generating reports to all relevant departments for daily monitoring, driving ESG and sustainability in financial services.

By using AI and machine learning algorithms, Payment Asia can analyze customer data and verify their identities in real-time, without bureaucratic delay and complex email correspondence. This can help merchants streamline shorten their onboarding time and reduce the risk of fraud. With the increasing importance of data privacy and security, e-KYC processes are becoming more critical than ever, and Payment Asia can help businesses meet these challenges without compromising any security risk.

Payment Asia is also using ChatGPT, an AI natural language model, to embed in daily customer service, as a powerful tool to provide comprehensive answers in any field.

In addition, Payment Asia automates its accounting process with a cloud-enabled platform, as an imperative act to embrace ESG in financial services. By issuing corporate cards to all staff, the company also uses AI to analyse transaction data and categorise expenses. The auto approval expense platform also generates reports for every department to track their spending, while giving guidance for cost management.

With the introduction of these new services, Payment Asia is set to raise ESG standards for payment solutions in Hong Kong.

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